It is an illustration of Rangers' performance level that they could harbour dejection despite claiming a valuable point.

The Scottish champions remain unbeaten in Group C and Europa League football as a minimum should be forthcoming in the new year. A draw with a side who sit in the upper echelons of La Liga would have been gladly accepted before a ball was kicked, yet this was an encounter Rangers should have won. Only wastefulness in front of goal prevented such a scenario from occurring.

Maurice Edu handed Rangers the lead, before the same player headed into his own net in rather bizarre circumstances to restore parity.

The hosts must take great credit for the part they played, against superior opposition, in a pulsating contest. They would rather points to match plaudits, nonetheless.

"I feel a little bit disappointed that we didn't take three points, considering the chances we created," said the Rangers manager Walter Smith. "I don't think we have created that number of opportunities in a Champions League game [before].

"If we can continue to play as well as we have done in the first three games, we have an opportunity to qualify for the last 16. But that's all it is."

Rangers had opened with attacking purpose, a matter which set the tone.

Steven Naismith evaded the Valencia defence before seeing his close-range attempt blocked by the goalkeeper César Sánchez. Kenny Miller was the next to try his luck, the hosts' sole striker just unable to guide home a near-post header.

When Sánchez tipped over a fierce Sasa Papac drive after 20 minutes, the home crowd had genuine and audible aspirations of an upset. The counter-point had evidence in recent history; Rangers had started purposefully against Sevilla here a year ago, but ultimately crumbled to a 4-1 defeat.

Miller should still have emphasised his team's early superiority. In demonstrating the careless finishing which undermines so much of his good work, the 30-year-old fired straight at Sánchez having been sent one-on-one by Steven Davis.

Edu proved the unlikely figure to break the deadlock. The United States international rose the highest to meet a Vladimir Weiss corner, with Sánchez trying to hide his blatant culpability by claiming in vain that he was fouled.

Valencia had looked threatening at times on the counterattack, but the advantage was no more than Rangers merited.

The overwhelming sense at that juncture was that their next challenge was to reach half-time with that lead. They duly did, despite increased urgency from the Spaniards during the intervening 11 minutes. In the midst of that pressure, though, Edu struck a post from 22 yards with Miller this time guilty of profligacy with the rebound.

That was punished within 45 seconds of the restart. Edu's latest header flew beyond Allan McGregor, with the midfielder woefully miscuing his attempt to clear a Tino Costa free-kick.

Valencia's touch during the first 15 minutes of the second period was simply ominous viewing for the Rangers support. That was their only spell of domination, however.

Davis came within a despairing save of successfully chipping Sánchez from long range before , Naismith seemed surprised to be the recipient of a Weiss cross, just six yards out, and duly prodded wide.

Ricky Foster blasted Rangers' last hope high into the Glasgow sky. That moment perfectly summed up the frustration few could have anticipated Rangers feeling. Their visit to the Mestalla on 2 November will hardly be short on significance.